Cromwell Adds $472K 'East Village' Property to Portfolio
Cromwell Architects Engineers of Little Rock has added to its holdings along East Sixth Street, an area targeted for revitalization that its backers are calling "East Village."
The architecture firm, through its limited liability corporation called 1212 East Sixth and led by Dan Fowler, has purchased a nearly 22,000-SF warehouse at 1212 E. 6th St. for $472,500.
The deal closed on Wednesday, according to Moses Tucker Real Estate of Little Rock, which represented the buyer. The seller was Ron King of ROP LLC.
Moses Tucker and Cromwell aim to revitalize the long-neglected eastern part of downtown Little Rock. In October, the two announced Cromwell's purchase of five tracts at 6th and Shall streets that made up the former Stebbins and Roberts properties. The land lies east of Interstate 30 and just south of Heifer International's world headquarters.
Cromwell plans to move its headquarters into a 50,000-SF renovated space at 6th and Shall Street in 2017. Charley Penix, CEO of Cromwell, has called the area "the new River Market and Main Street," and hopes to attract restaurants and apartments to the project, as well.
The firm did not spell out plans for the newly purchased 1212 E. 6th building, saying only that it would add it to its larger "redevelopment and revitalization plan" for the district.
"It has the grit and feel that makes this neighborhood so special," Fowler, director of finance and business development of Cromwell Architects Engineers, said in a news release. "And it gives us the ability to meet the surge in demand for retail and office space that we have seen recently."
The area has been seeing other signs of life. Lost Forty Brewing has operated in a warehouse at 501 Byrd St. since December 2014. Phil Brandon’s Rock Town Distillery opened craft liquor production and taste-testing tours in leased quarters at 1216 E. Sixth in September 2010. Rebel Kettle Brewing & Tap Room, which opened in March, produces batches of beer at 822 E. Sixth St.